DOHA, 8th February, 2016 (WAM) — Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30 percent participating interest from Chevron’s 75 percent share in three deep-water offshore leases in the Kingdom of Morocco.

Under the agreement, which was approved by the Moroccan government, Qatar Petroleum will acquire the 30% interest in the deep-water leases, while Chevron will retain a 45% interest and remains the operator and Morocco’s Office National Des Hydrocarbures Et Des Mines will continue to have a 25% interest.

The three offshore areas are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep.

Saad Sherida Al-Kaabi, President and CEO of Qatar Petroleum, expressed pleasure at the finalisation of the agreement, which he described as “an important step towards building a mutually beneficial relationship with Chevron with particular emphasis on international upstream activities.”

“It is no coincidence that Qatar Petroleum ‘s international presence is now extended to Morocco, a country which Qatar enjoys special relations with,” he added.

Ali Moshiri, President of Chevron Africa and Latin America Exploration and Production, said, “The agreement is a milestone in both companies’ efforts to maximise the value of exploration and production assets through long-term relationships. We are pleased to partner with Qatar Petroleum in offshore Morocco and are looking forward to use our joint capabilities in this exciting sub-salt play for the benefit of Morocco.”

The three offshore lease areas are located between 100-200 kilometers west and northwest of the Morocco city of Agadir. They encompass approximately 29,200 sq. km with average water depths ranging from 100 meters to 4,500 meters.